Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1887-05-19
FrNAsor11 FAILURE.
A Woil-known O.uzcn OF wiinniuR.
ton Involved fn Hsnsfmes~ a,rrnb. 81.

ton Hnyolved fn Hpsiness a'rcn b. ca.
IL became publicly known, Friday,
that financial embarrassment had Involved
Peter ]. Ford, q well-known business man
and real estate investor OF this city. During
the past few days Judgments were filed
against hin in the protbonotary's office as
follows; Wilmington Savings Fund ,s86 800 :
1000; Union National Bank, $1O, 600
Iilghman Johnston, $4,000; Star Building
and Loan Association, 81 500; total, S66 ZOO,
MIR. Ford IL controlling stockholder In
the Ford d Ryan Morocco Company, the
owners OF large morocco factory at silver
brook, out OF which recently arose costly
litigation In respect to COMMUNICATING the
waters OF Silverbrook with refuse from
the factory. Tho other stockholders are
Thomas Ford and Thomas Ryan. The pro-
ceedings were instituted by the Jessup 4
Moore Paper Company and other property
owners along the stream, and resulted In
compelling the morocco company 10 CON
struet sewer for the refuse at considerable
expense. The capital stock OF the morocco
company ID $4,000. The establishment Is
not much at present, aud has about $50, COO
worth OF made-up stock on hand. While IL
has been u considerable drain on Mr.. Ford.
and doubtless facillted his troubles, 1t will
not be materially affected by the existing
state of affairs, and will continue in opera.
ton.
Outside of this venture Mr.. Ford has bean
largely and at times very successfully inter-
ested In real estate specnlations and build
Ing operations. His last and largest real
estate deal was the purchase Of about 60
acres OF land Just west OF the Sllyerbrook
property, for $22, 700. He recently sold one
block OF this tract for $4,000, and has laid
on the balance In building lots, with a, 900
feet front. He considers these lots worth
So per foot, and 1t Is generally conceded that
they would bring at least $S any time. He
alse owns considerable other real estate,
the assessed value OF his property within
the city limits being $4,000. His assets,
therefore are considered ample to cover his
liabilities, II carefully hursed and disposed
OF to the best advantage.
The failure was brought to a focus by n
suit OF Augustus Reeves of PHILADELPHIA,
for $400, which will be tried ut the present
term OF court. The amount Ia not large
but 1t started the other creditors on the
move. The creditors included In the above
list are supposed to be amply protected by
mortgages and endorsers. A meeting OF
creditors Will shortly BIO held, to consider
what steps should be taken In the affair,
There are number Of other creditors, for
amounts not made public, who are not pro-
tected by judgments.
The news OF the failure Is received with
general regret, Mr.. Ford being regarded as
an tive energetic citizen, OF that class
whose real estate operations have done
much for the development of the material
interests OF the city. Theimpression seems
to be that he has pluck and energy enough
to pull through his present troubles and
come out all right.
Mr.. Ford said Saturday: 'tIcan pay dollar
for dollar IL l have time. As my notes
came due have paid what could on then
and In some cases got them renewed |; 1t was
- Hl.sfA
them. This farm out here (Silverbrook) |
have got all divided up into lots, and there
Is no part of It that wont sell for at least $5
per foot and there are 10000 feet Of It.
There has not been a foot OF ground
sold out here for several years for less than
% or SO. The people that know me In
Wilmington have confidence In me. They
feel that will pay everything. All my maia
creditors are satisfied that can get out ; all
want is time to turn around and not to
sacrifice anything. l don't think anybody
doubts my ability TO get out II have time.b
You can say, he added, shat the Ford q
Ryan morocco factory will not STOP" Re-
ferring to the unexpected expenditures
with which the enterprise bad been bur.
dened, he said 1.-THE suit and the construo.
ton of the sewer Ito Front and Clayton
streets) cost nearly $1,000"
In relation to the extent Of the failure
the following statement will be of interest.
The claims Of the Savings Fund and riigh
man Johnston. amounting to $45,2O0, are
secured by first mortgages on real estate
amply able to cover the Indebtedness and
leave margin. The Star Loan clhlm OF
81 800 has been arranged for. This leaves
al actual Indebtedness of $4l, 0t0-the
judgments of Michael Megary, Thomas
Ford and the Union Bank-and Mr.. Ford's
friends confidently assert that his assets
will cover these figures II his property Is
not pushed to a forced sale.